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            • ECAI Recognition

Under the BIPRU rules implementing the Capital Requirements Directive (CRD), firms adopting certain approaches for their regulatory capital calculations may use external credit assessments for risk weighting purposes. This applies only where the external credit assessment institution (ECAI) has been recognised by the FSA.

To assess those ECAIs seeking recognition, we have followed the process outlined in the CRD and the Committee of European Banking Supervisors’ guidelines on the recognition of ECAIs. We publish below the names of the entities that have been recognised, with each ECAI’s credit assessments mapped to risk weights applicable under the new regime. For more information on the recognition process, please visit: ECAI Recognition

ECAIs recognised under the Capital Requirements Regulations 2006 (SI 2006/3221) for the purposes of BIPRU 3 The Standardised Approach and BIPRU 9 Securitisation:

• Fitch Ratings
• Moody's Investors Service
• Standard and Poor's
• DBRS

Mapping of ECAIs' credit assessments to credit quality steps:

• Mapping for the standardised approach to credit risk [PDF]
• Mapping for securitisation-based approaches [PDF]